SE Asia Stocks-Singapore up 1 pct on higher Q3 growth prospects

Reuters Staff

4 Min Read

By Sumeet Gaikwad
Nov 21 (Reuters) - Singapore shares rose slightly
more than 1 percent on Tuesday on expectations that its economy
grew at a faster pace than initially estimated, which may dispel
worries that the affluent city-state is too dependent on its
tech products.
Singapore's economy is forecast to have grown 7.4 percent in
July-September, the fastest pace since the fourth quarter of
2016, a Reuters poll showed on Friday. The GDP data is scheduled
for release on Thursday.
Last week, the trade-dependent economy reported its exports
rose the most in 2-1/2 years in October, thanks to growth in
both its electronics and non-electronics exports, pointing to a
more broad-based recovery.
The Singapore index rose for a third straight
session, led by top lenders, with DBS Group Holdings,
United Overseas Bank and OCBC gaining
between 1.8 percent and 2.2 percent.
"A good headline reading will help investor sentiment,
especially for electronics counters whose performances are
tightly linked to the local manufacturing sector," said Liu
Jinshu, director of research at NRA Capital
In other Southeast Asian stock markets, Vietnam ended
at a near 10-year high, led by consumer staples such as Saigon
Beer Alcohol Beverage Corp (Sabeco), which hit a record
closing high.
Sabeco, owned 89.6 percent by the state, will hold roadshows
in Singapore and London on a government plan to sell a stake,
the country's trade ministry said.
Vietnam Retail, which added about 7 percent, was
among the biggest gainers on the main index.
Philippine stocks inched 0.4 percent lower, dragged
down by industrials and real estate.
Market heavyweight Ayala Land fell 1.8 percent,
while SM Investments Corp shed 0.7 percent.
Indonesian shares snapped a three-session gaining
streak, weighed down by consumer staples and energy stocks.
Clove cigarettes maker Gudang Garam and mining
contractor United Tractors each fell about 2 percent.
An index of the country's 45 most liquid stocks
fell 0.3 percent.
Malaysia ended marginally higher, while Thai shares
lost ground.
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SOUTHEAST ASIAN STOCK MARKETS: CHANGE ON DAY
Market Current Previous Close Pct Move
Singapore 3423.38 3386.59 1.09
Bangkok 1710.48 1714.38 -0.23
Manila 8289.19 8321.98 -0.39
Jakarta 6031.862 6053.282 -0.35
Kuala Lumpur 1720.68 1718.36 0.14
Ho Chi Minh 918.3 903.55 1.63
Change on year
Market Current End 2016 Pct Move
Singapore 3423.38 2880.76 18.84
Bangkok 1710.48 1542.94 10.86
Manila 8289.19 6840.64 21.18
Jakarta 6031.862 5296.711 13.88
Kuala Lumpur 1720.68 1641.73 4.81
Ho Chi Minh 918.3 664.87 38.12
(Reporting by Sumeet Gaikwad in Bengaluru; Editing by Biju
Dwarakanath)